Home Buyer's Tips - How to Win Your Home in a Multiple Offer Situation

By
Real Estate Agent with Ultra Real Estate Dallas Fort Worth

In Dallas currently, some homes are still getting multiple offers.  While this can be stressful for home buyers, there are ways to win the house.  Also, make sure that you hire an experienced agent who can guide you through the process.

 

1. Make your offer as “clean” as possible. You may opt-out in asking the seller to pay for your home warranty or closing costs or for their personal property for free (refrigerator, washer, dryer, etc.)

 

2. Many buyers requested a 10 day option period. Consider shortening it but make certain that you can get your inspection done quickly and still have enough time to negotiate repairs.

 

3. I’ve seen buyers putting very little earnest money. Put about 1% of sales price or if you are confident, put higher. Show the seller that you’re financially strong and serious about buying the home.

 

4. You may have to offer more than the list price. 

 

5. If you feel confident in the price you’re offering, you can offer to pay the difference if you go over. This will mean that if the home appraises for less than the purchase price, you’ll make up the difference in cash.

 

6. Make sure you have a strong lender. Seller and seller’s agent can decline your offer because they had a bad experience with your lender or your lender has a bad reputation.

 

7. Have your agent find out what’s important to the seller and craft your offer around this information. Seller’s agent may not give you any info or return your agent’s call but it doesn’t hurt to ask.

 

8. Write a letter to the seller about you and why you like the home.  This will make your offer more personable and you are not just another number or another offer to the seller.

 

9. If your offer on the home isn’t accepted, have your agent ask the listing agent where you are at with your offer. For example, listing agent may tell you that your offer rank #3 out of 4 offers. This info will give you an idea on what to do on your next offer.

 

I'd be happy to assist if you are looking for an experienced agent to help you purchase or sell a home in the Dallas area.  I have guided many home buyers and sellers through multiple offer situations and I will do the same for you.

 

Comments (15)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Susie Kay thank you for sharing very valuable list of home buyer's tips.

Jul 28, 2020 05:12 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Ask nothing and offer more is my short answer, great post for those who want to be or are in a multiple offer situation, Endre

Jul 28, 2020 08:34 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Jul 29, 2020 01:58 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Susie - some prospective buyers are hesitant to be involved in a multiple offer real estate situation.  It's best, in my opinion, to discuss strategies in advance of beginning the search for a new home.  

Jul 29, 2020 03:30 PM
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Thank you Richard Weeks for your comment and for dropping by.

Jul 29, 2020 04:57 PM
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Thank you Michael Jacobs for your comment and for dropping by.  Yes, some buyers will not entertain a multiple offer but some ended up getting on board after a couple homes that they like were in a multiple offer situations. 

Jul 29, 2020 05:00 PM
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Thank you John Pusa for your comment and for dropping by!

Jul 29, 2020 05:47 PM
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Thanks Endre Barath, Jr. for your comment and for dropping by!

Jul 29, 2020 05:47 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Sep 03, 2020 02:32 AM
Steffy Hristova
HomeSmart Elite Group Tempe AZ Tel: 602.710.8161 - Tempe, AZ
Tempe AZ Realtor - Your Home Close to Your Work!

Susie, easy to read and prepare Buyers who may be in multiple offer situations. Great advice!

Oct 01, 2020 08:13 AM
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Thank you Steffy Hristova for your comment and for dropping by!

Dec 08, 2020 10:27 AM
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Thank you Richard Weeks for your comment and for dropping by

Dec 08, 2020 10:27 AM
Nibal Elsaadi
SI Real Estate Tampa - Tampa, FL

Great tips, Susie.  We're experiencing multiple offer situations in Tampa Bay as well. Thank you for sharing.

Jan 04, 2021 02:39 PM
Leo Namiot - LeoLends.com
Canopy Mortgage - Leo Namiot - Saint Augustine, FL
More than just great rates

Great information. This market has been a real struggle for many buyers especially first time buyers, FHA buyers and VA buyers. One of the most common question I have been getting from first time buyers is - " I heard that sellers will pay the closing costs, is that true?" Of course in a " normal market " that for the most part can happen but in this market home buyers need to be well prepared and educated. A good lender can certainly help get offers accepted as you mentioned. I play an active role when offers are being made, I tell the buyers agent to let the listing agent know that I (the lender) am available to speak with the listing agent and assure them that our buyers are PRE-APPROVED  and we have done our due diligence.  Without disclosing personal financial information the conversation puts the buyers side at ease, also mentioning that I have 18+ years in the business dosent hurt.    It's a tricky market and buyers need to be Home Buyer Ready and have a great plan.

Aug 07, 2021 03:49 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Great suggestions, however not for every market. My tops would be: 1. to make sure that financing in order. 2. to send your best offer( not the same as highest price, but competitive contingencies and ''skin in the game'' terms). 3. be respectful to other agents.

p.s.  no ''love letters''  in SoCal. 

Jan 28, 2022 12:42 PM